Keep your money: What you need to know before filing taxes in NJ

As tax season approaches, New Jersey residents need to be aware of some recent changes that could impact their filings. An article titled “Keep your money: What you need to know before filing taxes in NJ” caught my attention because it provides useful information that can help taxpayers save money in the long run.

The article first highlights changes related to pension and retirement income. In 2020, taxpayers under 62 years old received a $45,000 exemption on their pension and retirement income but that exemption drops to $40,000 in 2021. For those over 62, the exemption remains at $100,000. Another important change to note is the Earned Income Tax Credit (EITC), which has increased to 40% from the previous 30%.

In addition, taxpayers who have received unemployment benefits in 2020 need to be aware that these benefits are taxable income and therefore they will have to pay taxes on them. The article also mentions the Homestead Benefit program, which provides relief to eligible homeowners but has been facing delays due to the pandemic.

As someone who has filed taxes in New Jersey before, I know how confusing and overwhelming it can be. That’s why this article is so important. It breaks down complex changes and concepts into simple terms that anyone can understand.

In conclusion, if you’re filing taxes in New Jersey this year, make sure you’re aware of these changes and take advantage of any credits or benefits that you may be eligible for. It can make a big difference in the amount you owe or the refund you receive. So keep your money and stay informed!